GROWTH STRATEGIES OF THE PRODUCT

Growth Strategies of the Product

Growth Strategies of the Product

Introduction

Some marketing have supplement the traditional marketing mix structure of”4 Ps” with three more “Ps” to give you “7 Ps” of marketing. The new additions to the marketing mix are People, Process and Physical Evidence. This new marketing mix is discussed below with emphasis on why thinking about these additional elements of the marketing mix are important to your sales and marketing efforts. The larger debate is about what the marketing mix really is and means today.

The New Marketing Mix Structure: Adding “Ps”

The answer to this question is that the traditional marketing mix structure what designed in and created for the new age of marketing brought about by the manufacturing explosion of the 50s and 60s. The “4 Ps” are simply not enough to describe new marketing systems, paradigms and methodologies.

The fact of the matter is that even “7 Ps” may not be enough to cover everything that you need to know to successfully create marketing plans. However you define the components of the marketing mix the real question is, what do you need to know to create customers today? In looking at the “3 Ps” of People, Process and Physical Evidence in the new marketing mix, think about what other factors will play a role in creating a successful marketing program. These may be as important for you to consider as traditional elements of the marketing mix.

The marketing equation of past was traditionally concerned with only two parties, you and your customer (“you”). The new marketing mix structure broadens this to include the myriad of other people involved in modern business. Your Marketing Communication Strategy must now encompass directors, employees, shareholders, partners, the press, analysts and the general public. Each of these groups is a stakeholder in your businesses whose needs must be addressed. While the complexity of the diverse interests you must cater to can seem intimidating, they provide you the opportunity to provide a rich message that delivers more value to your customers in the form of an experience and not just a product.

It is not enough to say you have a Product and a Place where your consumer will purchase from you without more focus on the shape and form your business will take. Sales and marketing today is far more complicated than the simple transactions of the past. Some of the questions covered by Process within the components of the marketing mix are not only where and how customers will do business with you but what added value you provide and how you can develop relationships and provide an interactive experience.

The advent of e-commerce has caused an explosion and exponential growth in new ways of doing business. The most successful organizations today are those that interact and transact with customer through a variety of methods. In cultivating long term relationships with your customers, Process within the new marketing mix will come to include not only how you promote and deliver the value you ...